Millions who bought a car pre-2021 could be due a payout as mis-selling investigation launched

[Deleted User]

Just like the emissions scandal, this is bringing out the "you just want free money" brigade. And just like with emissions, you should ignore them and get your pay out.

Ignore their howls of injustice and carpet bagging.

Beki88

My current car was done through a hcp I think it is (monthly payments and you own it at the end), I was told one monthly rate so put down a deposit but then was contacted as I had apparently been refused by that finance company and they had to use a different one which was higher monthly costs. This was through Vauxhall. I was miffed about it but given that I'd already put a cash deposit down and agreed trade in value I just went along with it as I really needed the new car to meet my disability needs and the old one didn't. Does this sound like the kind of thing that's involved? I never noticed a refused credit search on my credit score either which always made me curious. 

Nasqueron

Beki88 said:

My current car was done through a hcp I think it is (monthly payments and you own it at the end), I was told one monthly rate so put down a deposit but then was contacted as I had apparently been refused by that finance company and they had to use a different one which was higher monthly costs. This was through Vauxhall. I was miffed about it but given that I'd already put a cash deposit down and agreed trade in value I just went along with it as I really needed the new car to meet my disability needs and the old one didn't. Does this sound like the kind of thing that's involved? I never noticed a refused credit search on my credit score either which always made me curious. 

They would do a credit check on you once and then determine the rate of interest - the front sales staff in the office wouldn't necessarily run the credit check themselves and you wouldn't get a refused check - just a hard search and then the finance company would determine the rate. The alleged miss-selling was the seller (dealership) deliberately putting you forward at a higher rate of APR for more commission but it sounds like in your situation they put it at the lower rate and you didn't qualify based on the search

Nearlyold

If the Dealer was going to up the interest for a bigger commision  I expect they would have offered the higher rate from the start. A seller usually starts high and the buyer starts low

ceewash

How much / what paperwork will you need? Not likely to have it unless still got the car.

Nearlyold

You'd need to know who the Dealer or Lender was if you want to complain now. It may be that after the FCA review is concluded lenders will be asked to check their records for borrowers who were adversely affected and contact  them.

jcb208

This country has become a nanny state where people  take no responsibility for their actions. They must of been told the APR and repayments when doing the deal so quite within their rights to go elsewhere and get the finance. But  now there's chance of free money every one thinks they should have a refund

Nearlyold

Yep if you've any understanding of interest rates and APR it would have been quite simple at the time when offered a crappy rate of circa 15% or whatever to say " I'm not paying that" and ask for a better rate as I did succesfully on a few occasions. However if you weren't aware that dealers could  to an extent set the interest rate then I guess you wouldn't know  you could say no and get them to offer you something better.

kty207

My dealership used FGA Capital UK trading as Fiat Financial Services who aren't part of Fiat themselves apparently.  They had a name change to FCA Automotive Services Ltd 2015 and have had a further name change to CA Auto Finance UK Ltd. Will I still be able to complain if they have had a change of company name?

RedBalloon

I had a vehicle on PCP with VW Financial Services, I'll get my letter sorted today. When that ended (a year ago) I took out another for 4 more years. Should I send a letter for both separately?